NetApp Inc (NTAP) 2025 Q2 法說會逐字稿

Good day and welcome to the NetApp second quarter of fiscal year 2025 earnings call.

美好的一天，歡迎參加 NetApp 2025 財年第二季財報電話會議。

(Operator Instructions) Please note this event is being recorded.

（操作員說明）請注意此事件正在被記錄。

I would now like to turn the conference over to Kris Newton, Vice President, Investor Relations.

我現在想將會議交給投資者關係副總裁克里斯牛頓 (Kris Newton)。

Please go ahead.

請繼續。

Hi, everyone.

大家好。

Thanks for joining us.

感謝您加入我們。

With me today are our CEO, George Kurian; and CFO, Mike Berry.

今天和我在一起的是我們的執行長 George Kurian；和財務長麥克·貝裡。

This call is being webcast live and will be available for replay on our website at netapp.com.

本次電話會議正在進行網路直播，並將在我們的網站 netapp.com 上重播。

During today's call, we will make forward-looking statements and projections with respect to our financial outlook and future prospects, including, without limitation, our guidance for the third quarter and fiscal year 2025 and our expectations regarding future revenue, profitability and shareholder returns and other growth initiatives and strategies.

在今天的電話會議中，我們將就我們的財務前景和未來前景做出前瞻性陳述和預測，包括但不限於我們對第三季度和2025 財年的指導以及我們對未來收入、盈利能力和股東回報的預期其他成長舉措和策略。

These statements are subject to various risks and uncertainties, which may cause our actual results to differ materially.

這些陳述受到各種風險和不確定性的影響，可能導致我們的實際結果有重大差異。

For more information, please refer to the documents we file from time to time with the SEC and on our website, including our most recent Form 10-K and Form 10-Q.

欲了解更多信息，請參閱我們不時向 SEC 和我們網站上提交的文件，包括我們最新的表格 10-K 和表格 10-Q。

We disclaim any obligation to update our forward-looking statements and projections.

我們不承擔更新前瞻性陳述和預測的義務。

During the call, all financial measures presented will be non-GAAP unless otherwise indicated.

除非另有說明，在電話會議期間提出的所有財務指標都將採用非公認會計準則。

Reconciliations of GAAP to non-GAAP estimates are available on our website.

我們的網站上提供了 GAAP 與非 GAAP 估算的調整表。

I'll now turn the call over to George.

我現在把電話轉給喬治。

Thanks, Kris.

謝謝，克里斯。

Good afternoon, everyone.

大家下午好。

Thank you for joining us today.

感謝您今天加入我們。

I am extremely pleased with our Q2 performance.

我對我們第二季的表現非常滿意。

Revenue growth was driven by a 19% year-over-year increase in all-flash storage and strong performance in first-party and marketplace cloud storage services.

營收成長得益於全快閃儲存年增 19% 以及第一方和市場雲端儲存服務的強勁表現。

We achieved record Q2 operating margin and EPS ahead of our expectations.

我們第二季的營業利潤率和每股盈餘超出了我們的預期，創下了歷史新高。

Our uniquely differentiated solutions in flash, block, cloud storage and AI address markets, which are bolstered by both secular and company-specific tailwinds.

我們在快閃記憶體、區塊、雲端儲存和人工智慧領域擁有獨特的差異化解決方案，這些解決方案受到長期和公司特定的推動力的推動。

We experienced solid growth across all these strategic focus areas, affirming the strength of our value proposition for both existing and new to NetApp customers.

我們在所有這些策略重點領域都實現了穩健的成長，這證實了我們對 NetApp 現有客戶和新客戶的價值主張的優勢。

This positive momentum not only underscores our strong execution, but also demonstrates our customers confidence and commitments to our intelligent data infrastructure platform.

這一積極勢頭不僅凸顯了我們強大的執行力，也表明了客戶對我們智慧數據基礎設施平台的信心和承諾。

We are delivering innovation at the fastest pace in our history, setting the stage for our continued success and growth.

我們正在以歷史上最快的速度提供創新，為我們的持續成功和發展奠定基礎。

In Q2, we held our Insight customer conference showcasing how we uniquely address the genuine and pricing challenges that customers face in navigating the complexities of hybrid multi-cloud IT.

第二季度，我們舉辦了 Insight 客戶會議，展示了我們如何以獨特的方式解決客戶在應對混合多雲 IT 的複雜性時面臨的真正挑戰和定價挑戰。

I personally witnessed the enthusiasm among the many new to NetApp and returning attendees as they recognize how NetApp empowers them to overcome these hurdles by building intelligent data infrastructures.

我親眼目睹了許多 NetApp 新手和老與會者的熱情，因為他們認識到 NetApp 如何透過建立智慧資料基礎設施來幫助他們克服這些障礙。

Organizations are proactively investing in data-driven strategies to drive competitive advantage.

組織正在積極投資數據驅動的策略，以提高競爭優勢。

These businesses recognize the value of adopting a cohesive data strategy, leveraging data as a valuable enterprise-wide asset to fuel at problem solving to accomplish this, they require a cutting-edge data architecture founded on NetApp's intelligent data infrastructure platform.

這些企業意識到採用凝聚力資料策略的價值，利用資料作為寶貴的企業範圍資產來推動解決問題，以實現這一目標，他們需要基於 NetApp 智慧資料基礎架構平台的尖端資料架構。

With NetApp's expertise and state-of-the-art solutions, customers are confidently paving their way to become data-driven leaders.

憑藉 NetApp 的專業知識和最先進的解決方案，客戶可以自信地為成為資料驅動型領導者鋪平道路。

We again delivered robust year-over-year performance in our hybrid cloud segment.

我們在混合雲領域再次實現了強勁的年比業績。

Revenue grew 6% and product revenue grew 9% and driven by notable strength in all-flash storage.

由於全快閃儲存領域的顯著優勢，營收成長了 6%，產品收入成長了 9%。

Broad-based success across the portfolio propelled our all-flash annualized revenue run rate to an all-time high of $3.8 billion, up 19% year-over-year, the fourth consecutive quarter of high teens to low 20% annual growth.

整個產品組合的廣泛成功推動我們的全快閃年化收入運行率達到 38 億美元的歷史新高，同比增長 19%，連續第四個季度年增長率保持在 20% 的高位。

We continue to gain share in the all-flash market, far outpacing the growth rates of both the industry and all of our competition.

我們持續擴大全快閃市場的份額，遠遠超過產業和所有競爭對手的成長率。

Our leadership was further underscored with the recognition of NetApp as a leader in the 2024 Gartner Magic Quadrant for primary storage platform for the 12th consecutive year.

NetApp 連續 12 年被評為 2024 年 Gartner 主儲存平台魔力像限的領導者，進一步凸顯了我們的領導地位。

In the quarter, we delivered more innovation with new high-end products in our ASA block optimized all-flash and FaaS hybrid flash array families.

本季度，我們在 ASA 區塊優化的全快閃和 FaaS 混合快閃陣列系列中透過新的高階產品實現了更多創新。

Building on the Q1 introduction of the updated AFF A-Series family of high-performance all-flash arrays.

基於第一季推出的更新版 AFF A 系列高效能全快閃陣列系列。

We have already seen new ASA deals close across multiple regions and industries, reaching new customers and expanding our wallet share with new workloads.

我們已經看到多個地區和行業達成了新的 ASA 交易，吸引了新客戶，並透過新工作負載擴大了我們的錢包份額。

The pipeline is growing as our message of simple powerful and affordable resonates with partners and customers.

隨著我們「簡單、強大、價格實惠」的理念與合作夥伴和客戶產生共鳴，管道正在不斷增長。

With these new systems and continued advancements to our software platform, Customers no longer need to make trade-offs between operational simplicity, advanced capabilities and affordability in their storage.

借助這些新系統以及我們軟體平台的不斷進步，客戶不再需要在儲存的操作簡單性、高級功能和經濟性之間進行權衡。

Keystone, our Storage-as-a-Service offering again delivered another strong quarter with revenue growing approximately 55% from Q2 a year ago.

我們的儲存即服務產品 Keystone 再次實現了另一個強勁的季度業績，營收比去年第二季成長了約 55%。

We added Cloud Insights into Keystone single subscription model, enabling customers to gain an integrated view across their infrastructure from virtual machines to network to storage on-premises and in the cloud.

我們將 Cloud Insights 添加到 Keystone 單一訂閱模型中，使客戶能夠獲得從虛擬機器到網路再到本地和雲端儲存的整個基礎設施的整合視圖。

Only NetApp can deliver through hybrid cloud experience with flexibility and control in an agile ago model.

只有 NetApp 能夠在敏捷前模型中提供具有靈活性和控制力的混合雲體驗。

Organizations are actively evaluating how to use their corporate data with AI.

組織正在積極評估如何透過人工智慧使用其企業數據。

These discussions dominated insights, where we unveiled our expansive vision for AI in the era of data and intelligence.

這些討論主導了我們對數據和智慧時代人工智慧的廣闊願景。

Just as we bridge the gap between on-premises and the leading public clouds, empowering customers to utilize their data with any application, anywhere, we are well positioned to bridge the divide between AI systems and enterprise data.

正如我們彌合本地和領先的公有雲之間的差距，使客戶能夠在任何地方透過任何應用程式利用其資料一樣，我們也有能力彌合人工智慧系統和企業資料之間的鴻溝。

We help customers bring AI to their data regardless of location or method through an approach that is intelligent, dynamic and secure.

我們幫助客戶透過智慧、動態和安全的方法將人工智慧引入他們的數據，無論其位置或方式如何。

By eliminating data silos, we give customers a unified and structured view of their data assets.

透過消除資料孤島，我們為客戶提供了統一且結構化的資料資產視圖。

This empowers them to effortlessly explore, understand, unify and prepare their data for AI applications.

這使他們能夠輕鬆地探索、理解、統一和準備人工智慧應用的數據。

Customers can leverage their existing AI ecosystem tools directly on their data while also benefiting from NetApp's AI features such as integrated data versioning, model traceability and highly efficient retrieval for model training and infancy.

客戶可以直接利用其現有的 AI 生態系統工具來處理其數據，同時還可以受益於 NetApp 的 AI 功能，例如集成數據版本控制、模型可追溯性以及模型訓練和初期的高效檢索。

Our comprehensive solution includes policy-based classification governance and security measures that accompany data throughout the AI life cycle.

我們的全面解決方案包括基於策略的分類治理和在整個人工智慧生命週期中伴隨資料的安全措施。

This includes automated AI data change detection and updates to keep data up-to-date and precise in every context.

這包括自動人工智慧數據變化檢測和更新，以保持每個環境中數據的最新性和準確性。

While we believe the large opportunity of enterprise AI is still ahead of us, we are already seeing accelerating momentum today.

雖然我們相信企業人工智慧的巨大機會仍然擺在我們面前，但我們今天已經看到了加速的勢頭。

Our AI business performed ahead of our expectations in Q2 with well over 100 AI and data lake modernization wins.

我們的人工智慧業務在第二季度的表現超出了我們的預期，在人工智慧和資料湖現代化方面取得了超過 100 項勝利。

These wins span geographies and industries with notable early momentum in public sector, manufacturing, financial services, health care and life sciences industries.

這些勝利跨越地域和行業，在公共部門、製造業、金融服務、醫療保健和生命科學行業中具有顯著的早期勢頭。

We continue to advance our strong position with the development of GenAI cloud and on-premises solutions in partnership with industry leaders, GenAI is a truly hybrid workload and only NetApp has the breadth of products and services to reduce the complexity, resources and risks across increasingly complex hybrid multi-cloud environments.

我們與產業領導者合作開發 GenAI 雲端和本地解決方案，繼續鞏固我們的強勢地位。複雜的混合多雲環境。

In Q2, we announced several updates within our AI partner ecosystem, deepening our partnership with Domino's Data Labs, harnessing NVIDIA accelerated computing and AI software platforms and releasing the NetApp AI part with Lenovo solution in its general availability version.

第二季度，我們宣布了人工智慧合作夥伴生態系統的多項更新，加深了與Domino 資料實驗室的合作關係，利用NVIDIA 加速運算和人工智慧軟體平台，並在其通用版本中發布了Lenovo解決方案的NetApp AI 部分。

To make AI-ready infrastructure readily available to public sector and other highly regulated industries, we expanded our partnership with Google Cloud to provide the foundational data storage for the Google distributed cloud.

為了使公共部門和其他高度監管的行業能夠隨時使用人工智慧就緒的基礎設施，我們擴大了與 Google Cloud 的合作夥伴關係，為 Google 分散式雲端提供基礎資料儲存。

By enhancing Google distributed cloud environments with ONTAP unified file and block storage and storage grade object storage solutions, customers can achieve better control over their data to efficiently scale their workload and leverage AI while helping to maintain security and regulatory compliance.

透過使用 ONTAP 統一文件和區塊儲存以及儲存級物件儲存解決方案增強 Google 分散式雲端環境，客戶可以更好地控制數據，從而有效擴展工作負載並利用人工智慧，同時幫助維護安全性和法規遵循。

This collaboration has resulted in a number of early wins further accelerating our success in global public sector and other regulated industries.

此次合作取得了多項早期成果，進一步加速了我們在全球公共部門和其他受監管產業的成功。

Now turning to public cloud.

現在轉向公有雲。

Our highly differentiated first-party and marketplace cloud storage services, with the leading hyperscalers, remain our focus and top priority.

我們高度差異化的第一方和市場雲端儲存服務以及領先的超大規模供應商仍然是我們的重點和首要任務。

These services continue to grow rapidly, increasing roughly 43% year-over-year.

這些服務持續快速成長，年增約 43%。

In total, Public cloud segment revenue grew 9% year-over-year to $168 million.

整體而言，公有雲部門營收年增 9%，達到 1.68 億美元。

We continue to innovate rapidly in cloud storage services, broadening workload support, capabilities, price and performance points further solidifying our strong leadership position.

我們持續在雲端儲存服務領域快速創新，擴大工作負載支援、功能、價格和效能點，進一步鞏固我們強大的領導地位。

In Q2, we updated cloud volumes ONTAP to include our advanced autonomous ransomware protection and write once, read many capabilities, strengthening our customers ability to defend against ransomware attacks.

在第二季度，我們更新了雲捲 ONTAP，以包含我們先進的自主勒索軟體保護和一次寫入、多次讀取功能，從而增強客戶防禦勒索軟體攻擊的能力。

Additionally, we enhanced Google Cloud NetApp volumes, which is now generally available in all 40 Google Cloud regions with petabyte scale volumes and auto tiering, further expanding the number of workloads we serve.

此外，我們還增強了 Google Cloud NetApp 卷，該卷現已在所有 40 個 Google Cloud 區域中普遍提供，具有 PB 級捲和自動分層功能，進一步擴大了我們服務的工作負載數量。

We remain focused on disciplined execution to meet the evolving needs of our growing customer base.

我們仍然專注於嚴格的執行，以滿足不斷增長的客戶群不斷變化的需求。

We have broadened our all-flash storage portfolio substantially with updated high-performance flash, capacity flash and block optimized products.

我們透過更新的高效能快閃記憶體、容量快閃記憶體和區塊優化產品大幅拓寬了我們的全快閃儲存產品組合。

We have significantly increased our range of capabilities in public cloud storage with vastly more cloud data centers, more price and capacity points, new features and expanded workload support.

我們透過更多的雲端資料中心、更多的價格和容量點、新功能和擴展的工作負載支持，顯著增強了公有雲儲存的功能範圍。

We have integrated more intelligent services to make our storage the most secure with simplicity built in with scale.

我們整合了更多智慧服務，使我們的儲存變得最安全，並且具有規模化的簡單性。

And finally, we continue to make it easy for customers to consume our products and services how they want, wherever they want.

最後，我們繼續讓客戶隨時隨地輕鬆地以他們想要的方式使用我們的產品和服務。

NetApp is at the forefront of innovation, empowering customers to build intelligent data infrastructures.

NetApp 處於創新前沿，幫助客戶建立智慧資料基礎設施。

Broad-based customer preference for our solutions and visionary approach for a data-driven future has enabled us to outgrow the market and take share from competitors.

客戶對我們的解決方案的廣泛偏好以及對數據驅動的未來的遠見卓識使我們能夠超越市場並從競爭對手手中奪取份額。

Our solid track record of disciplined operational management continues to yield strong earnings growth.

我們紀律嚴明的營運管理的良好記錄繼續帶來強勁的獲利成長。

Our focus and momentum fuel my confidence in our ongoing ability to deliver outstanding results for customers and shareholders.

我們的專注和動力讓我對我們持續為客戶和股東提供卓越成果的能力充滿信心。

In closing, I want to thank the NetApp team for their decision to our customers success.

最後，我要感謝 NetApp 團隊為我們客戶的成功所做的決定。

I'll now turn the call over to Mike.

我現在將電話轉給麥克。

Thank you, George, and good afternoon, everyone.

謝謝喬治，大家下午好。

We executed a strong quarter, hitting or exceeding all our guidance ranges.

我們的季度業績表現強勁，達到或超過了我們所有的指導範圍。

We made progress toward our long-term Investor Day targets of mid- to upper single-digit revenue growth and double-digit EPS growth on average through fiscal year '27.

我們在實現投資者日長期目標方面取得了進展，即到 27 財年平均收入增長為中上個位數，每股收益平均增長為兩位數。

Fiscal year '25 is expected to be within both ranges.

25 財年預計將在這兩個範圍內。

Before I get into the financial details, let me walk you through the key themes for the quarter.

在介紹財務細節之前，讓我先向您介紹本季的關鍵主題。

And as a reminder, all numbers discussed are non-GAAP unless otherwise noted.

提醒一下，除非另有說明，所有討論的數字都是非公認會計準則的。

As expected, Q2 consolidated gross margin was strong at 72%, continuing to trend near all-time highs.

如預期，第二季綜合毛利率強勁，達到 72%，持續接近歷史高點。

Gross margin leverage and operating discipline drove operating margin of 29%.

毛利率槓桿和營運紀律推動營運利潤率達到 29%。

Gross profit dollars grew 6% year-over-year, in line with revenue while operating profit dollars grew 13% year-over-year, double the rate of revenue.

毛利年增 6%，與收入一致，而營業利潤較去年同期成長 13%，是營收成長率的兩倍。

Q2 revenue grew 6% year-over-year, the fourth consecutive quarter of mid-digit to high single-digit year-over-year growth with product revenue, cloud and professional services all growing above this rate in the quarter.

第二季營收年增 6%，連續第四個季度實現中位數至高個位數年增，本季產品營收、雲端和專業服務的成長均高於此成長率。

We returned over $400 million (sic - see press release, "$406 million") to shareholders through dividends and share repurchases, reducing Q2 fiscal '25 share count by 1 million shares year-over-year.

我們透過股利和股票回購向股東返還了超過 4 億美元（原文如此，請參閱新聞稿，「4.06 億美元」），使 25 財年第二季的股票數量比去年同期減少了 100 萬股。

As discussed during the last quarter's call, we intend to return up to 100% of free cash flow this year.

正如上季電話會議所討論的，我們打算今年返還高達 100% 的自由現金流。

Due to solid execution and strong operational management we outperformed our expectations in the second quarter and expect our continued focus and discipline to deliver mid-single-digit year-over-year revenue growth in the second half of the fiscal year.

由於堅定的執行力和強大的營運管理，我們第二季度的表現超出了我們的預期，並預計我們持續的專注和紀律將在本財年下半年實現中個位數的同比收入增長。

As a result, we are raising our fiscal year '25 revenue and EPS expectations.

因此，我們提高了 25 財年的營收和每股盈餘預期。

Now to the details of the quarter.

現在介紹本季的詳細資訊。

Revenue of $1.66 billion increased 6% year-over-year towards the high end of our guidance range.

收入為 16.6 億美元，年增 6%，接近我們指導範圍的上限。

Billings of $1.59 billion increased 9% year-over-year.

帳單金額為 15.9 億美元，年增 9%。

This marks our fourth consecutive quarter of year-over-year revenue and billings growth.

這標誌著我們的營收和帳單連續第四個季度實現同比增長。

Product revenue of $768 million was up 9% year-over-year.

產品營收為 7.68 億美元，年增 9%。

Support revenue of $635 million grew 2% year-over-year.

支持收入為 6.35 億美元，年增 2%。

Professional services revenue of $87 million grew 10% year-over-year, mainly driven by Keystone.

專業服務收入為 8,700 萬美元，年成長 10%，主要由 Keystone 推動。

Public cloud revenue of $168 million increased 9% and from Q2 a year ago, driven by hyperscale or first-party and marketplace storage services.

在超大規模或第一方和市場儲存服務的推動下，公有雲收入為 1.68 億美元，較去年第二季成長 9%。

We expect cloud revenues to return to double-digit year-over-year growth beginning in Q3, driven by the momentum in our cloud storage business.

我們預計，在雲端儲存業務成長動能的推動下，雲端收入將從第三季開始恢復兩位數的年成長。

Q2 deferred revenue was $4.1 billion, up 2% year-over-year.

第二季遞延營收為 41 億美元，年增 2%。

Keystone, our Storage-as-a-Service offering continues to gain traction in the market.

Keystone，我們的儲存即服務產品持續在市場上獲得關注。

Remaining performance obligations were $4.4 billion. unbilled RPO was approximately $330 million, up 11% quarter-over-quarter.

剩餘履約義務為 44 億美元。未開票 RPO 約 3.3 億美元，季增 11%。

Growth in unbilled RPO is a key indicator of future Keystone growth.

未計費 RPO 的成長是 Keystone 未來成長的關鍵指標。

Q2 consolidated gross margin came in at 72%.

第二季綜合毛利率為 72%。

Product gross margin was 60%.

產品毛利率為60%。

We highlight that both consolidated and product gross profit dollars grew mid to high single-digits year-over-year in Q2, in line with revenue.

我們強調，第二季綜合毛利潤和產品毛利均較去年同期成長中高個位數，與營收一致。

We have made strategic purchase commitments to lock in the majority of SSD supply and mitigate rising prices in calendar year 2024 and which continues to give us confidence in our product gross margins as we move into the second half of fiscal year '25.

我們做出了策略性採購承諾，以鎖定 2024 年曆年的大部分 SSD 供應並緩解價格上漲，這繼續讓我們在進入 25 財年下半年時對產品毛利率充滿信心。

We continue to forecast product gross margins to decline slightly in the second half of fiscal year '25 as compared to the first half but remain in the high 50% range for the full year, consistent with our prior guidance.

我們繼續預測 25 財年下半年的產品毛利率將較上半年略有下降，但全年仍將保持在 50% 的高位區間，這與我們先前的指導一致。

Our recurring support business continues to be highly profitable with gross margins of 92%.

我們的經常性支援業務持續保持高利潤，毛利率高達 92%。

Our support retention rates and associated margin structure represent the continuing innovation we deliver to our customers through ONTAP.

我們的支援保留率和相關的利潤結構代表了我們透過 ONTAP 為客戶提供的持續創新。

Q2 public cloud gross margins improved to 74% from 66% in the prior year.

第二季公有雲毛利率從去年同期的 66% 提高至 74%。

We are particularly proud of the improvement in public cloud gross margins and highlight that one-third of the year-over-year expansion in total gross profit was driven by public cloud in the quarter.

我們對公有雲毛利率的改善感到特別自豪，並強調本季總毛利年增率的三分之一是由公有雲推動的。

We expect to make further progress on our public cloud gross margins and exit fiscal year '25 at the lower end of our long-term target of 75% to 80%.

我們預計公有雲毛利率將取得進一步進展，並在 25 財年結束時達到長期目標 75% 至 80% 的下限。

Operating expenses of $719 million was up 2% year-over-year and up 1% from Q1 '25.

營運支出為 7.19 億美元，年增 2%，比 25 年第一季成長 1%。

Q2 again highlighted the strength of our business model and disciplined operational execution with operating margin of 29% ahead of expectations.

第二季再次凸顯了我們業務模式的優勢和嚴格的營運執行力，營業利潤率達到 29%，超出預期。

EPS of $1.87 was above the high end of our guidance, driven by higher revenues and higher gross margins compared to our initial forecast.

與我們最初的預測相比，由於收入和毛利率更高，每股收益 1.87 美元高於我們指導的上限。

Operating cash flow was $105 million in Q2 compared to $135 million a year ago, and free cash flow was $60 million compared to $97 million a year ago.

第二季營運現金流為 1.05 億美元，去年同期為 1.35 億美元；自由現金流為 6,000 萬美元，去年同期為 9,700 萬美元。

Our lower year-over-year cash flow results in Q2 were primarily driven by upfront payments for strategic SSD purchases, which are forecasted to be predominantly utilized during fiscal year '25.

我們第二季現金流量年減的主要原因是策略性 SSD 採購的預付款，預計這些預付款將主要在 25 財年使用。

These strategic purchases resulted in much higher inventory levels versus all of fiscal year '24 and reduced inventory turns to only 6 times in Q2.

這些策略性採購導致庫存水準遠高於 2024 財年全年，並將第二季的庫存週轉率降至僅 6 倍。

In the quarter, DSO's increased to 48, in-line with seasonal averages.

本季度，DSO 增加至 48，與季節性平均值一致。

During the quarter, we returned $406 million to stockholders through share repurchases and cash dividends.

本季度，我們透過股票回購和現金股利向股東返還 4.06 億美元。

We have approximately $800 million remaining on our existing repurchase authorization.

我們現有的回購授權還剩約 8 億美元。

We also repaid $400 million in debt with available cash in the quarter as planned.

我們還按計劃在本季用可用現金償還了 4 億美元的債務。

Our balance sheet remains healthy.

我們的資產負債表保持健康。

We ended the quarter with approximately $2.2 billion in cash and short-term investments against $2 billion in debt.

截至本季末，我們擁有約 22 億美元的現金和短期投資，而債務為 20 億美元。

Now turning to guidance, starting with the full year.

現在轉向指導，從全年開始。

We are raising our revenue guidance for the full year to between $6.54 billion and $6.74 billion, representing approximately 6% year-over-year growth at the mid-point.

我們將全年營收指引上調至 65.4 億美元至 67.4 億美元之間，相當於中位數年增約 6%。

We expect fiscal year 2025 consolidated gross margin to be 71% to 72%, unchanged from prior expectations.

我們預期 2025 財年綜合毛利率為 71% 至 72%，與先前預期持平。

Importantly, we expect gross margin dollars to increase the $4.75 billion at the mid-point, driven by growth across product, support and cloud revenue.

重要的是，在產品、支援和雲端收入成長的推動下，我們預計毛利率中點將增加 47.5 億美元。

We expect fiscal year '25 operating margin to be 28% to 28.5%, up 75 basis points at the midpoint compared to prior expectations.

我們預期 25 財年的營業利益率為 28% 至 28.5%，比先前預期的中位數上升 75 個基點。

We are raising our net interest income expectations slightly to $55 million driven by higher interest income.

由於利息收入增加，我們將淨利息收入預期小幅上調至 5,500 萬美元。

We expect our tax rate for the full year to be 20% to 21%.

我們預計全年稅率為20%至21%。

As a result, we expect EPS to be in the range of $7.20 and to $7.40, which at the midpoint, implies 13% growth year-over-year.

因此，我們預計每股收益將在 7.20 美元至 7.40 美元之間，中間值意味著同比增長 13%。

Year-to-date, our free cash flow has trended lower year-over-year despite higher revenue and net income due to the timing of higher incentive compensation and our strategic SSD purchase commitments in the first half of the year, which have been instrumental to our supply chain management strategy in a rising commodity cost environment.

年初至今，儘管收入和淨利潤有所增加，但我們的自由現金流仍呈同比下降趨勢，這是由於上半年更高的激勵薪酬和我們的戰略性 SSD 購買承諾發揮了重要作用。在不斷上漲的環境下我們的供應鏈管理策略。

The lower cash flow results are due to the timing of cash payments, not a change in our normalized cash conversion cycle.

現金流量結果較低是因為現金支付的時間，而不是我們正常現金轉換週期的變化。

We expect SSD-related cash outflows to slow in the rest of our fiscal year and expect cash flow generation to be higher in the second half of the year compared to the first half and grow year-over-year versus the second half of fiscal year '24.

我們預計，在本財年剩餘時間內，與 SSD 相關的現金流出將會放緩，預計下半年的現金流量將高於上半年，並且與本財年下半年相比將同比增長'24。

Even with this improvement, we now expect free cash flow in fiscal year '25 to be slightly lower year-over-year, driven by the timing of these cash payments.

即使有這種改善，我們現在預計 25 財年的自由現金流將比去年同期略有下降，這是由於這些現金支付時間的推動。

Turning now to our third quarter guidance.

現在轉向我們的第三季指引。

We expect Q3 revenue to range between $1.61 billion and $1.76 billion, which at the midpoint implies 5% growth year-over-year.

我們預計第三季營收將在 16.1 億美元至 17.6 億美元之間，這意味著年增 5%。

We expect Q3 consolidated gross margin to be 71% to 72% and operating margin to be approximately 29%.

我們預期第三季綜合毛利率為 71% 至 72%，營業利益率約 29%。

We expect net interest income to be $10 million in the quarter and our tax rate to be 20% to 21%.

我們預計本季淨利息收入為 1,000 萬美元，稅率為 20% 至 21%。

EPS is expected to be in the range of $1.85 and to $1.95. While our Q3 guidance for EPS forecast a year-over-year decline, we note that last year's Q3 represented a record high in product gross margin as well as an unusually low tax rate.

EPS 預計在 1.85 美元至 1.95 美元之間。雖然我們對第三季每股盈餘的指引預測將年減，但我們注意到去年第三季的產品毛利率創歷史新高，稅率也異常低。

Normalizing for these factors, our Q3 EPS guidance forecast year-over-year EPS growth.

考慮到這些因素的正常化，我們第三季每股盈餘指引預測每股盈餘將年增。

As a reminder, we expect double-digit EPS growth on average from fiscal year '25 to fiscal year '27 and our fiscal year '25 guidance is on track towards this goal.

提醒一下，我們預計從 25 財年到 27 財年，每股收益平均將實現兩位數增長，並且我們的 25 財年指引正在朝著這一目標邁進。

In closing, I want to thank our employees, customers and investors for their commitment and investment in NetApp.

最後，我要感謝我們的員工、客戶和投資者對 NetApp 的承諾和投資。

I am confident in our ability to help our customers successfully achieve their digital and cloud transformation goals.

我對我們幫助客戶成功實現數位和雲端轉型目標的能力充滿信心。

We are well aligned to priority IT investments and are committed to deliver sustainable, long-term value for our stockholders.

我們與優先 IT 投資保持一致，並致力於為股東提供可持續的長期價值。

I'll now turn the call over to Kris to open the Q&A.

我現在將把電話轉給克里斯來開始問答。

Kris?

克里斯？

Thanks Mike operator.

謝謝邁克接線生。

Let's begin the Q&A.

讓我們開始問答。

(Operator Instructions)

（操作員說明）

Asiya Merchant, Citigroup.

花旗集團 Asiya Merchant。

Great.

偉大的。

Thank you.

謝謝。

For taking my question and congratulations on strong results.

感謝您回答我的問題並祝賀您取得了優異的成績。

If I may, George and Mike, you've talked about macro in the past and some kind of uneven recovery across certain verticals.

喬治和麥克，如果可以的話，你們過去談到宏觀經濟以及某些垂直領域的某種不均勻復甦。

So maybe if you could just start with that.

所以也許你可以從這個開始。

And relative to this 5% revenue growth for the full year, how much of that is predicated on macro versus now that you have a fuller portfolio that is addressing all the external storage needs.

相對於全年 5% 的收入成長，其中有多少是基於宏觀因素，而現在您擁有更全面的產品組合來滿足所有外部儲存需求。

Thank you.

謝謝。

The macro in the last past quarter has been unchanged relative to prior quarters.

上個季度的宏觀經濟狀況與前幾季相比沒有變化。

We are well aligned to the priority spending areas for our customers, data center modernization, the deployment of new applications, cyber resilience for data and, of course, cloud and AI and our product portfolio is exceptionally strong.

我們非常適合客戶的優先支出領域、資料中心現代化、新應用程式的部署、資料的網路彈性，當然還有雲端和人工智慧，我們的產品組合非常強大。

We are focused on executing at the expense of larger competitors.

我們專注於以犧牲更大的競爭對手為代價來執行。

And I think that our growth outlook for the year is regardless of the macro.

我認為我們今年的成長前景與宏觀因素無關。

We are assuming that it stays where it is.

我們假設它留在原處。

Great.

偉大的。

And if I may, on the AI side of things.

如果可以的話，我想談談人工智慧方面的問題。

I know you've talked about in the past that this is still ahead of us.

我知道您過去曾說過，這仍然是我們的任務。

Any updates you can give how you're seeing various enterprises deploying NetApp solutions as it relates to modernizing your data storage for AI.

您可以提供任何更新，說明您如何看待各企業部署 NetApp 解決方案，因為它與 AI 資料儲存現代化相關。

And any insights you can give us to sort of when you think AI inferencing will be a bigger factor for you guys.

當您認為人工智慧推理對您來說將是一個更重要的因素時，您可以向我們提供任何見解。

Thank you.

謝謝。

We are seeing the early stages of getting your data infrastructure ready for AI.

我們看到資料基礎設施為人工智慧做好準備的早期階段。

We had a large number of wins across the multiple verticals, as I said in my prepared remarks, those are leading indicators of future large-scale inferencing deployments.

正如我在準備好的發言中所說，我們在多個垂直領域取得了大量勝利，這些都是未來大規模推理部署的領先指標。

I would say they are today in what we call AI centers of excellence, and they have not yet hit large scale.

我想說的是，它們現在位於我們所說的人工智慧卓越中心，但尚未達到大規模。

We also have had some strong momentum with Google with their distributed cloud for AI deployments in the public sector.

我們也與Google合作，利用其分散式雲端在公共部門部署人工智慧，取得了強勁的勢頭。

And so we're encouraged at the prospects of our AI business going forward.

因此，我們對人工智慧業務的未來前景感到鼓舞。

In large, I don't have an update from prior commentary.

總的來說，我沒有之前評論的更新。

We think that it's still second half of next year.

我們認為還是明年下半年。

And so the growth opportunity for us is still ahead of us.

因此，我們的成長機會仍在前方。

Great.

偉大的。

Thank you and congratulations.

謝謝你並恭喜你。

Thank you.

謝謝。

Amit Daryanani, Evercore.

阿米特·達裡亞納尼（Amit Daryanani），Evercore。

Yes.

是的。

Good afternoon everyone.

大家下午好。

I guess just to start with, George, Mike, can you just talk about the strength and really the durability of what you're seeing on the all-flash array side, you folks have had near 20% growth for a few quarters now.

我想首先，George、Mike，你們能談談你們在全快閃陣列方面看到的實力和真正的耐用性嗎？

How do you think of that all-flash array growth as you go into the back half of the fiscal year, where compared things start to get a little bit more difficult for you.

當您進入本財年後半段時，您如何看待全快閃陣列的成長，相較之下，事情開始變得更加困難。

I'd love to kind of just understand that.

我很想理解這一點。

And then if I just stop to the all-flash array team, I'd love to just understand the growth you're seeing right now, how much of that do you think is share gains versus maybe new products like the A-Series that's opening up newer workloads and our environments for you?

然後，如果我只是停止討論全快閃陣列團隊，我很想了解您現在所看到的成長，您認為其中有多少是份額收益，而不是像 A 系列這樣的新產品為您開放更新的工作負載和我們的環境？

We have had four consecutive quarters of high-teens or 20% plus revenue growth in all-flash arrays.

我們的全快閃陣列收入已連續四個季度保持兩位數或 20% 以上的成長。

This is clearly outpacing the market and all of the competitors.

這顯然超過了市場和所有競爭對手。

It is because that we are aligned to areas of customer spending as well as a unique value proposition, a single operating system, an advanced and complete hybrid multi-cloud capability, the richest set of data services the most secure storage in the planet, and you can buy and consume this technology in the way you want from NetApp or from our partners.

這是因為我們與客戶支出領域保持一致，並具有獨特的價值主張、單一操作系統、先進且完整的混合多雲功能、最豐富的數據服務集、全球最安全的存儲，以及您可以按照您想要的方式從NetApp 或我們的合作夥伴處購買和使用該技術。

We are combining that durable competitive moat with the fastest innovation pipeline ever.

我們正在將持久的競爭護城河與有史以來最快的創新管道結合。

We refreshed the A-Series.

我們更新了 A 系列。

We refreshed the ASA products.

我們更新了 ASA 產品。

We refreshed our FAS products and you will see continued innovation coming from us over the next few quarters, and we are focused on executing in the go-to-market as opposed to many of our competitors who are distracted.

我們更新了我們的 FAS 產品，您將在接下來的幾個季度中看到我們的持續創新，我們專注於進入市場的執行，而不是我們的許多競爭對手分心。

So I feel very, very good about the durability of our leadership position and the opportunity going forward.

因此，我對我們領導地位的持久性和未來的機會感到非常非常滿意。

Got it.

知道了。

And then, Mike, could you just touch on this prebuying of memory that you folks are doing right now.

然後，麥克，你能談談你們現在正在做的預購記憶嗎？

I guess, do I think of the sequential uptick in inventory is essentially all pre-buys?

我想，我是否認為庫存的連續上升基本上都是預購？

And then can you talk about this -- is the -- are you changing that you look at inventory pre-buying longer term?

然後你能談談這個——你是否改變了你對長期庫存預購的看法？

And is it something you think you're going to do on a more consistent basis?

您認為您會更一致地這樣做嗎？

Thank you.

謝謝。

Sure.

當然。

Thanks for the question, Amit.

謝謝你的提問，阿米特。

So yes, the increase in the first half in inventory while it's not certainly the whole amount of the inventory number, the [$300-plus million], the majority of the increase is -- are the pre-buys that we've negotiated at the end of '24 and '25.

所以，是的，上半年庫存增加，雖然不一定是庫存數量的全部，[300 多萬美元]，但增加的大部分是——是我們協商的預購24 和 25 年底。

So at this point, we've said it before, we're not looking to do any more pre-buys going forward.

因此，在這一點上，我們之前已經說過，我們不打算繼續進行任何預購。

We're good where we are.

我們現在的處境很好。

We've covered the majority of our expected demand in fiscal '25.

我們已經滿足了 25 財年的大部分預期需求。

So at this point, Amit, we've taken a step back, we're starting to see some softening in the NAND-Market.

因此，阿米特，在這一點上，我們已經退後了一步，我們開始看到 NAND 市場出現一些疲軟。

So we're going to let that play out.

所以我們要讓它發揮作用。

So we'll -- hey, we look at it every day.

所以我們會——嘿，我們每天都會看它。

We'll look at it as we go through the rest of fiscal '25.

我們將在 25 財年剩下的時間裡關注這個問題。

But unless something changes in the market, you shouldn't expect to see us do any more prebuys for the rest of this fiscal year.

但除非市場發生變化，否則您不應期望看到我們在本財年剩餘時間內進行更多預購。

Tim Long, Barclays.

提姆朗，巴克萊銀行。

Thank you.

謝謝。

Two as well, if I could.

如果可以的話，也有兩個。

First, Mike, you mentioned the RPO down sequentially.

首先，麥克，您提到了按順序下調 RPO。

I know there's some unbilled in there, but everything else sounded pretty strong with the billings and the outlook and the pipeline.

我知道其中有一些未開票的內容，但從開票、前景和頻道來看，其他一切聽起來都相當強勁。

So if you could just walk us through the RPO down in the quarter?

那麼，您是否可以向我們介紹本季的 RPO？

And then secondly, I was hoping you could touch on the public sector.

其次，我希望你能談談公共部門。

Pretty strong results Q-on-Q and year-over-year.

環比和年比業績都相當強勁。

Just curious what drove that and what's the outlook for that business, given the changing political landscape for that type of business?

只是好奇是什麼推動了這一趨勢，以及考慮到此類業務不斷變化的政治格局，該業務的前景如何？

Thank you.

謝謝。

Yeah.

是的。

Thanks for the question, Tim.

謝謝你的提問，提姆。

So it's Mike.

所以是麥克。

I'll do the first one.

我來做第一個。

So thanks on RPO.

感謝 RPO。

So a couple of things.

有幾件事。

RPO is made up of two pieces.

RPO 由兩個部分組成。

It's made up of deferred revenue, which is both short and long term on the balance sheet and then the unbilled portion of our commitments.

它由資產負債表上的短期和長期遞延收入以及我們承諾的未開票部分組成。

That's where you will find Keystone because it's not on the balance sheet.

您可以在那裡找到 Keystone，因為它不在資產負債表上。

RPO came down quarter-on-quarter as expected because sequentially, deferred revenue always comes down Q1 to Q2.

RPO 按預期環比下降，因為遞延收入總是從第一季到第二季下降。

Now importantly, in the number we look at is total deferred revenue, including short term, grew year-over-year.

現在重要的是，我們看到的數字是遞延收入總額（包括短期收入）年增。

It was flat in Q1 after being down slightly in the second half of last year.

去年下半年略有下降後，第一季持平。

So that's a great sign for us. to your point, that really follows the great billings growth that we've had.

所以這對我們來說是一個很好的跡象。就您而言，這確實是我們比林斯的巨大增長所致。

So on RPO, just, hey, always watch what's the unbilled versus deferred.

因此，在 RPO 方面，嘿，始終注意哪些是未開票的，哪些是延期的。

Deferred follows a sequential pattern.

延遲遵循順序模式。

We do expect to see unbilled continue to grow quarter-on-quarter, though largely driven by Keystone.

我們確實預計未開票業務將繼續按季度增長，儘管這主要是由 Keystone 推動的。

And I'll hand it to George for the public sector question.

我將把公共部門問題交給喬治。

Our US public sector business performed well. despite the continuing resolution.

我們的美國公共部門業務表現良好。儘管決議仍在繼續。

As we've said in the past, a large part of our public sector business is from a number of long-term projects which are supported by program spending that is approved across annual budget cycles.

正如我們過去所說，我們公共部門業務的很大一部分來自許多長期項目，這些項目得到跨年度預算週期批准的計劃支出的支持。

We also saw strong performance across the globe from our Public Sector segment.

我們也看到公共部門部門在全球範圍內表現強勁。

With regard to our expectations for the new administration.

關於我們對新政府的期望。

The new administration bring new priorities, we will wait to see how they play out.

新政府帶來了新的優先事項，我們將拭​​目以待，看看它們會如何發揮作用。

One encouraging sign is that there is a unit across legislature and executive which hopefully means that policies can be implemented quickly.

一個令人鼓舞的跡像是，立法機關和行政機關之間設立了一個部門，這有望意味著政策可以迅速實施。

Jason Ader, William Blair.

傑森·阿德，威廉·布萊爾。

Yeah, thanks.

是的，謝謝。

Good afternoon.

午安.

George, I wanted to ask you about any potential ripple effects that you guys are seeing from the Broadcom VMware acquisition, specifically on storage projects, just as customers maybe have less budget or look to re-evaluate their on-prem infrastructure plans and strategies.

George，我想問你們從 Broadcom VMware 收購中看到的任何潛在連鎖反應，特別是在儲存專案方面，就像客戶可能預算較少或希望重新評估其本地基礎設施計劃和策略一樣。

We have not seen anything material yet.

我們還沒有看到任何實質內容。

We are seeing customers look at three paths forward.

我們看到客戶正在考慮三種前進道路。

One is to optimize their existing Broadcom estate.

一是優化現有的博通資產。

That could be by moving our footprint from hyperconverged to external storage so that they don't pay the virtual machine tax on the storage layer.

這可以透過將我們的足跡從超融合轉移到外部儲存來實現，這樣他們就不用在儲存層上支付虛擬機器稅。

And it also gives them flexibility to move in other directions moving forward.

這也使他們能夠靈活地向其他方向前進。

The second is to move to new architectures.

第二是轉向新的架構。

We have seen clients deploy alternative hypervisors and we benefited in those cases from our integration into multiple different hypervisors.

我們已經看到客戶部署了替代虛擬機器管理程序，在這些情況下，我們從與多個不同虛擬機器管理程序的整合中受益。

And then there are a group of customers who have moved to the public cloud.

還有一群客戶已經遷移到公有雲。

We have strong solutions with VMware and with the hyperscalers and our public cloud business saw some benefit from that this quarter.

我們與 VMware 和超大規模供應商合作提供了強大的解決方案，我們的公有雲業務本季也從中受益。

Okay.

好的。

Thank you.

謝謝。

And then Mike, maybe for you, just the Keystone product or the Keystone offering, does that go in the professional services line?

然後，Mike，也許對您來說，只是 Keystone 產品或 Keystone 產品，這屬於專業服務範圍嗎？

Is that what I heard you say?

我聽到你是這麼說的嗎？

Yes.

是的。

Jason, it's Mike.

傑森，是麥克。

Yes, that is reported in professional services.

是的，專業服務中報告了這一點。

That's where the revenue goes because it is a service.

這就是收入的來源，因為它是一項服務。

So it's not in product or support, it's in professional services.

因此，這不是產品或支持，而是專業服務。

Okay.

好的。

And would we -- as we look forward in the model, I mean, should we see professional services growth in Flex because Keystone becomes a bigger part of that mix over the next couple of years?

我的意思是，當我們對模型進行展望時，我們是否應該看到 Flex 的專業服務有所增長，因為 Keystone 在未來幾年將成為這一組合中更重要的一部分？

So you did see it grow quarter-on-quarter, and that was largely due to Keystone.

所以你確實看到它逐季增長，這很大程度上歸功於 Keystone。

Professional services is a relatively stable piece of business.

專業服務是一項相對穩定的業務。

So as you see that revenue move up and we have forecasted continued growth, the majority of that is due to Keystone, Jason.

因此，正如您所看到的收入增長，並且我們預測持續增長，其中大部分歸功於傑斯通傑森。

Simon Leopold, Raymond James.

西蒙·利奧波德，雷蒙德·詹姆斯。

Thanks for taking the question.

感謝您提出問題。

First, I know you stopped disclosing the split of hardware from software within hybrid cloud.

首先，我知道您停止揭露混合雲中硬體與軟體的分離。

But I'm wondering if there's anything in particular going on in terms of the mix between your software and hardware business, that might be affecting product gross margins either in the recent quarter or in the outlook.

但我想知道您的軟體和硬體業務之間的組合是否發生了任何特別的事情，這可能會影響最近季度或前景的產品毛利率。

And then as a quick follow-up.

然後作為快速跟進。

I'm just wondering if there are any specific characteristics of the customer or you see experimenting with AI applications in the enterprise.

我只是想知道客戶是否有任何特定特徵，或者您是否看到在企業中嘗試人工智慧應用程式。

For example, do you see a bias towards something like financial services or certain kinds of industry, any patterns that you're observing?

例如，您是否發現對金融服務或某些行業的偏見，您觀察到的任何模式？

Thank you.

謝謝。

So, Simon, it's Mike.

所以，西蒙，是麥克。

I'll take the first one.

我就拿第一個。

Yes, we don't disclose the hardware and software break out anymore.

是的，我們不再透露硬體和軟體的突破。

We talked about that in terms of why we pulled back on that.

我們討論了為什麼我們取消了這一點。

As it relates to gross margin, what I focus on is the versus the rest of the business.

由於它與毛利率有關，我關注的是與其他業務的比較。

That's really the big driver there. as we've talked about it, A-Series high-performance flash has always been the highest gross margin percentage and then capacity flash and then the non-flash products.

這確實是最大的推動力。正如我們所講的，A系列高性能閃存一直是毛利率最高的產品，然後是容量閃存，然後是非閃存產品。

So as we continue to sell more flash, and part of that is the replacement of our hybrid installed base, and we're doing that on purpose.

因此，隨著我們繼續銷售更多閃存，其中一部分是更換我們的混合安裝基礎，我們是故意這樣做的。

That is what we expect to continue to keep our product gross margins where they are.

這就是我們期望繼續維持產品毛利率不變的原因。

It's more of a mix issue hardware and software is really not playing into that.

這更多是硬體和軟體的混合問題，實際上並沒有解決這個問題。

With regard to your question on AI, we had a large number of wins across all of our geographies and industries I think if you were to draw a trend line, maybe there's more presence in public sector, manufacturing, financial services and health care and life science.

關於你關於人工智慧的問題，我們在所有地區和行業都取得了很多勝利，我認為如果你要畫一條趨勢線，也許公共部門、製造業、金融服務以及醫療保健和生活領域會有更多的勝利科學。

Pretty broad-based book of business, those industries had more of the wins.

這些行業的商業書籍基礎相當廣泛，並取得了更多的勝利。

Samik Chatterjee, JP Morgan.

薩米克‧查特吉，摩根大通。

Hi, thanks for the question.

你好，謝謝你的提問。

This is Joe Cardoso on for Samik Chatterjee.

我是喬·卡多佐 (Joe Cardoso) 替薩米克·查特吉 (Samik Chatterjee) 發言。

Maybe just first question here.

也許只是這裡的第一個問題。

Can we just get an update on the competitive environment, particularly with you seeing another quarter of muted or a challenging macro.

我們能否了解競爭環境的最新情況，特別是在您看到另一個季度的宏觀形勢疲弱或充滿挑戰的情況下。

Curious that this is just -- this prolonged macro is driving you to see an increasing intensity across your peer group?

好奇這只是——這種長期的宏觀經濟正在促使你看到你的同行群體的緊張程度不斷增加嗎？

And then I just have a quick follow-up.

然後我就進行快速跟進。

No fundamental change in the competition, the pricing environment, which is a representation of the competition remains rational.

競爭、定價環境沒有根本性的變化，這是競爭依然理性的表現。

It's always been a competitive industry.

它一直是一個競爭激烈的行業。

I would say, following the long-term trend of the industry, the specialists are more advantaged than the integrated system vendors and there are lots of share donors across the landscape.

我想說，按照行業的長期趨勢，專家比整合系統供應商更有優勢，整個行業有很多份額捐贈者。

So we are well positioned to outperform.

因此，我們處於領先地位。

We have been outperforming for multiple quarters now and we see no change in that position.

現在我們已經連續多個季度表現出色，而且我們認為這一狀況沒有變化。

In fact, I feel even better today than we felt in the past.

事實上，我今天的感覺比過去更好。

Our product cycle, our ability to meet customer demand and customer trends as well as our unique competitive moat that we have built over many years is playing through for us.

我們的產品週期、滿足客戶需求和客戶趨勢的能力以及我們多年來建立的獨特的競爭護城河正在為我們發揮作用。

Thanks George.

謝謝喬治。

And maybe just a follow-up on the new US administration coming in.

也許只是美國新政府上台後的後續行動。

I know you touched on it real quickly, but like specifically, how are you thinking about any implications around any potential tariff government and efficiency initiatives, taxes, et cetera, that the new administration has talked about thus far where are you seeing headwinds?

我知道你很快就談到了這個問題，但具體來說，你如何考慮新政府迄今為止所討論的任何潛在的關稅政府和效率舉措、稅收等方面的影響，你在哪裡看到了阻力？

Where are you seeing tailwinds?

你在哪裡看到順風？

Any potential areas that we should be flat investors should be wary of?

我們身為扁平化投資者應該警惕哪些潛在領域？

Or your guys are too early to tell essentially.

或者你們的人還為時過早，無法從本質上判斷。

Appreciate any color on that one.

欣賞那個顏色上的任何顏色。

We are well protected from any tariffs being considered on China.

我們受到很好的保護，不會受到任何針對中國的關稅的影響。

Our supply chain and book of business has been vastly protected from that.

我們的供應鏈和業務範圍受到了極大的保護。

So we don't see any material impact to our business from that.

因此，我們認為這不會對我們的業務產生任何重大影響。

If that were to occur, I think on the rest of the policies, we are going to wait until January.

如果發生這種情況，我認為對於其他政策，我們將等到一月份。

And once the new administration is sworn in, we can see how that plays out.

一旦新政府宣誓就職，我們就可以看到結果如何。

We'll update you once we have clarity on it.

一旦我們弄清楚了，我們就會向您通報最新情況。

Param Singh, Oppenheimer.

帕拉姆·辛格，奧本海默。

Great.

偉大的。

Thank you for taking my question.

感謝您回答我的問題。

First of all, good to see that your public cloud revenue is starting to improve again.

首先，很高興看到您的公有雲收入再次開始改善。

I wanted to get a sense of what are some of the changes that you recently implemented that's driving a recovery in that growth?

我想了解你們最近實施的一些改變推動了成長的復甦？

And then when do you think we can get to a teens growth back again in that public cloud revenue segment?

那麼您認為我們什麼時候可以在公有雲收入領域再次實現青少年成長？

And then I have a follow-up.

然後我有一個後續行動。

I think we've done three things. in the business, as we have said multiple times.

我認為我們做了三件事。正如我們多次說過的。

The first was to build a focused go-to-market engine together with the hyperscalers.

第一個是與超大規模企業一起建立一個專注於市場的引擎。

The second was to broaden our offerings in the first-party and hyperscaler marketplace with cloud storage.

第二個是透過雲端儲存擴大我們在第一方和超大規模市場的產品範圍。

And the third was to restructure or push for stabilization in the subscription business.

第三是重組或推動訂閱業務的穩定。

All of those have made good progress.

所有這些都取得了良好的進展。

I think in the past quarter, you've seen the continued strength, a really strong quarter, 43% year-on-year from the hyperscaler and first-party cloud storage services. which are an ever increasing part of our business.

我認為在過去的季度中，您已經看到了超大規模和第一方雲端儲存服務的持續強勁，這是一個非常強勁的季度，同比增長 43%。這是我們業務中不斷成長的一部分。

And as Mike said, we expect to return to double-digit growth in the second half of this fiscal year, that is coupled with strong gross margin performance, as you can tell, the increased scaling of the business plus better utilization and less headwinds from depreciation and amortization has caused us to track upward in terms of gross margin, and we expect to hit our long-term cloud gross margin target by the end of the fiscal year '25.

正如麥克所說，我們預計本財年下半年將恢復兩位數成長，同時毛利率表現強勁，如您所知，業務規模擴大，利用率提高，阻力減少折舊和攤銷使我們的毛利率不斷上升，我們預計25 財年末將達到長期雲毛利率目標。

And just to add to that.

只是為了補充這一點。

Sorry, you can all run your own guidance models.

抱歉，你們都可以運行自己的指導模型。

We talked about double-digit growth starting in Q3.

我們討論了從第三季開始的兩位數成長。

And if you run that growth out, I would not be surprised if you don't hit the teens in fiscal '25.

如果你把這種成長用完，如果你沒有在 25 財年達到十幾歲，我不會感到驚訝。

Got it.

知道了。

Perfect.

完美的。

Thanks so much for the color George and Mike.

非常感謝喬治和麥克的顏色。

And then as my follow-up, I want to focus a little bit on Keystone.

作為我的後續行動，我想稍微關註一下 Keystone。

You talked about the $330 million unbilled RPO and then assuming a typical duration of about 3-ish years, you're still pretty small on the Keystone side.

您談到了 3.3 億美元的未開票 RPO，然後假設典型的持續時間約為 3 年左右，那麼您在 Keystone 方面的規模仍然很小。

What are you hearing in terms of feedback from customers?

您從客戶的回饋中聽到了什麼？

And when do you think Keystone can start to become a much more meaningful part of the overall Net story?

您認為 Keystone 什麼時候可以開始成為整個 Net 故事中更有意義的一部分？

It's -- the feedback from customers has been stellar.

客戶的反饋非常好。

We have yet to see a single customer churn on Keystone.

我們尚未在 Keystone 上看到任何客戶流失。

So it has been an incredibly rock-solid product. and service customers like the flexibility we have.

所以它是一個令人難以置信的堅如磐石的產品。服務客戶喜歡我們的靈活性。

We continue to educate our field teams, broaden the number of partners who can sell, and we are seeing them more partners transacting Keystone.

我們繼續教育我們的現場團隊，擴大可以銷售的合作夥伴的數量，並且我們看到更多的合作夥伴正在進行 Keystone 交易。

And so we'll see that growth over time, right?

隨著時間的推移，我們會看到這種增長，對嗎？

And I'm excited about it.

我對此感到很興奮。

It should grow faster in terms of percentage growth than our product business, but is an aid to us winning new customers and new workloads.

它的成長百分比應該比我們的產品業務成長得更快，但有助於我們贏得新客戶和新工作負載。

Wamsi Mohan, Bank of America.

萬西·莫漢，美國銀行。

Hi.

你好。

Thanks for taking the questions.

感謝您提出問題。

It's actually (inaudible) filling in for Wamsi today.

它實際上（聽不清楚）今天正在填補 Wamsi。

I just wanted to follow up on the public cloud segment question.

我只是想跟進公有雲領域的問題。

Mike, your first party hyperscaler marketplace storage services, like you said, have accelerated 40% year-on-year growth last year, 43% last quarter, 43% this year.

Mike，正如您所說，您的第一方超大規模市場儲存服務去年同比增長了 40%，上季度增長了 43%，今年增長了 43%。

Can you comment on the subscription services part, the headwinds that you were seeing.

您能否評論一下訂閱服務部分以及您所看到的不利因素。

I think you had said that it's lessening over the course of fiscal '25.

我想您曾說過，這種情況在 25 財年期間正在減少。

Any quantification on the headwinds?

對逆風有任何量化嗎？

And how should we think about this going over the next couple of quarters into the next fiscal year?

我們該如何看待接下來幾季到下一個財年的情況？

Sure.

當然。

So let's back up and go through those numbers again just so we all have them.

因此，讓我們備份並再次查看這些數字，以便我們都能掌握它們。

So at Financial Analyst Day, we talked to you folks about the size of that business, first party and marketplace services.

因此，在金融分析師日，我們與大家討論了該業務的規模、第一方和市場服務。

A little less than half of the total cloud revenue.

略低於雲總收入的一半。

So a good portion of it.

所以其中很大一部分。

That grew last quarter by about 43%.

上季成長了約 43%。

Total cloud revenue grew by 9%.

雲端總收入成長了 9%。

We -- and we've talked about this on purpose, we are with our customers seeing a conversion to first-party marketplace away from subscription.

我們和我們的客戶一起看到了從訂閱轉向第一方市場的情況。

We've talked about the pull of marketplace, how important that is in terms of them being able to burn down their commence and then all the wonderful partnerships we have with the big 3 hyperscalers.

我們已經討論了市場的吸引力，這對於他們能夠燒毀他們的開端以及我們與三大超大規模提供者的所有美好合作夥伴關係而言是多麼重要。

So the subscription business that is about 20% of the revenue.

所以訂閱業務約佔收入的20%。

It gets to be a smaller piece every day because of growth of first party and marketplace.

由於第一方和市場的成長，它每天都在變得更小。

So it is declining on purpose that was part of the plan.

因此，它是有意拒絕的，這是計劃的一部分。

At some point, it probably flattens out, but we do expect over the next several quarters for consumption to continue to grow from the 80%-plus it is, and it will be the very large majority of the business going forward.

在某個時候，它可能會趨於平緩，但我們確實預計在接下來的幾個季度，消費將繼續以 80% 以上的速度增長，並且這將成為未來業務的絕大部分。

So we won't quantify the subscription piece.

所以我們不會量化訂閱部分。

You can run your own numbers. but that is part of the strategic plan to push to first party and marketplace.

您可以運行自己的號碼。但這是推動第一方和市場策略計劃的一部分。

And by all rights, we've seen it's really working.

毫無疑問，我們已經看到它確實有效。

The other thing I'll add, and George brought this up, that's really helped from a margin perspective as well, driving much better gross margins.

我要補充的另一件事是喬治提出的，從利潤率的角度來看，這也確實有幫助，可以帶來更好的毛利率。

So all of this feels like it's really setting us up well for the rest of '25 going into '26.

所以，所有這些感覺都為我們在 25 年剩下的時間進入 26 年做好了良好的準備。

Okay, thanks for the details there, Mike.

好的，謝謝你的詳細信息，邁克。

Maybe a follow-up for George.

也許是喬治的後續行動。

How much of the has now converted to all-flash.

現在有多少已經轉換為全快閃記憶體。

And what's the mix of existing customers moving to flash versus new customers?

遷移到快閃記憶體的現有客戶與新客戶的比例如何？

And what benefit have you seen from QLC?

您從 QLC 中看到了什麼好處？

I mean, what percent of your flash business is now QLC?

我的意思是，現在 QLC 佔你們快閃記憶體業務的比例是多少？

Thanks for taking my questions.

感謝您回答我的問題。

I think with regard to our installed base, it remains at the same number as last quarter, which is 40% and our installed base is growing.

我認為我們的安裝基數與上季持平，即 40%，而且我們的安裝基數正在成長。

So even if flash is growing fast, the total installed base is growing and it is very large.

因此，即使快閃記憶體成長很快，總安裝基數也在成長，而且規模非常大。

So that's the first indicator.

這是第一個指標。

The second is, listen, we are outperforming the market and all of our competitors quite substantially.

第二個是，聽著，我們的表現大大優於市場和所有競爭對手。

So it is clear that we are winning new wallet within existing customers as well as existing wallet as well as net new to NetApp customers.

因此，很明顯，我們正在贏得現有客戶中的新錢包以及現有錢包以及 NetApp 客戶的淨新錢包。

And we saw a lot of them at our insight conference.

我們在洞察會議上看到了很多這樣的人。

And so I feel really good about the book of business is balanced.

所以我對商業帳簿的平衡性感到非常滿意。

And then with regard to TLC versus QLC, we're not going to break that out.

然後關於 TLC 與 QLC 的比較，我們不打算詳細說明。

I can just tell you that all of our flash product families did really well.

我可以告訴您，我們所有的快閃記憶體產品系列都表現得非常好。

Meta Marshall, Morgan Stanley.

梅塔‧馬歇爾，摩根士丹利。

Hi, this is Mary on for Meta.

大家好，我是 Meta 的瑪麗。

I had a question on the AI momentum that you're seeing.

我對您所看到的人工智慧發展勢頭有疑問。

You noted more than 100 wins during the quarter.

您在本季度取得了超過 100 場勝利。

Can you give us a sense of what those deals look like?

您能否讓我們了解一下這些交易是什麼樣的？

Have they been primarily public cloud premise?

它們主要是公有雲前提嗎？

Or are they mostly a combination of the two?

或者它們主要是兩者的結合？

Thanks.

謝謝。

These are the 100 wins we talked about are on-premise wins.

我們討論的這 100 場勝利是本地勝利。

And we disclosed the public cloud AI wins under the public cloud segment revenue.

我們也揭露了公有雲部門收入下的公有雲人工智慧勝出。

I think on the on-premises side, there was a broad base of wins in terms of size, industry and geography.

我認為在本地方面，在規模、行業和地理位置方面有廣泛的勝利基礎。

There were some clients that are in what we call proof-of-concept mode.

有些客戶處於我們所謂的概念驗證模式。

There are others that are large product, early pilots that are preproduction pilots.

還有一些是大型產品、早期試點，即預生產試點。

So it's a mix all over the place.

所以到處都是混合的。

Like we talked about the fact that it was broad-based across the geos as well as broad-based across industries.

就像我們談到的事實一樣，它在各個地區以及各個行業都有廣泛的基礎。

Great, thanks.

太好了，謝謝。

And just a follow-up on free cash flow.

這只是自由現金流的後續行動。

You had noted the puts and takes on free cash flow this year.

您已經注意到今年自由現金流的看跌期權和看跌期權。

But do any of the dynamics that you're seeing this year change how you think about the free cash flow trajectory for next year?

但是，您今年看到的任何動態是否會改變您對明年自由現金流軌蹟的看法？

Thank you.

謝謝。

Great question.

很好的問題。

So as we talked about, the two big working capital not issues, changes we've seen this year are about the payment of the annual incentive compensation and the prebuys in inventory.

正如我們所討論的，兩大營運資金不是問題，我們今年看到的變化是年度激勵薪酬的支付和庫存預購。

We're not going to guide '26 or call that yet.

我們還不會指導“26”或稱其為“26”。

What I would say is from an incentive perspective, we do think that normalizes based on where we are in the year.

我想說的是，從激勵的角度來看，我們確實認為這種情況會根據我們今年的情況而正常化。

So we don't think that will be nearly the working capital issue it is this year.

因此，我們認為這不會像今年那樣成為營運資金問題。

We will see where we are on pre-buys.

我們將了解預購情況。

So we do those going into next year, not that is remaining to be seen.

所以我們會在明年做那些事情，而不是還有待觀察。

So we'll talk about that when we guide the year.

所以我們會在今年指導時討論這個問題。

But from an incentive comp perspective, that will normalize going into next year.

但從激勵補償的角度來看，這將在明年正常化。

David Vogt, UBS.

大衛‧沃格特，瑞銀集團。

Great.

偉大的。

Thanks guys.

謝謝你們。

George, one for you to start.

喬治，你可以先開始。

Can you maybe share some color on the success of the block portfolio in the flash numbers and what maybe sort of the revenue sort of dynamic was in the quarter as well as any potential impact on margin given sort of its new offering for you in a new market that you're really targeting aggressively.

您能否分享一些有關大宗投資組合在閃現數字中的成功的信息，以及該季度的收入動態，以及考慮到其在新產品中為您提供的新產品對利潤率的任何潛在影響？瞄準的市場。

And then I'll give you the second one also for Mike.

然後我會給你第二個也是麥克的。

You mentioned obviously not taking any more purchase commitments for the balance of this year. as you see some softening in NAND.

您顯然提到今年剩餘時間不會再做出任何購買承諾。正如你所看到的 NAND 的一些軟化。

Can you remind us again sort of the lag effect of NAND, if it does roll over and soften a bit, what that would mean for pricing in the market and how that would affect product revenue growth over the longer term relative to your framework?

您能否再次提醒我們 NAND 的滯後效應，如果它確實發生翻轉並稍微軟化，這對市場定價意味著什麼，以及相對於您的框架，這將如何影響長期產品收入成長？

Thanks.

謝謝。

We are pleased with the performance of the ASA product.

我們對 ASA 產品的效能感到滿意。

It is bringing us a bunch of net new customers as well as expansions within our existing customers.

它為我們帶來了一批淨新客戶，並擴大了我們現有客戶的規模。

And so we are excited.

所以我們很興奮。

It's early in the cycle, but we are seeing good -- very good momentum I think with regard to the overall gross margin implications of that, listen, I'll just say that we're not going to break out ASA versus other product families.

現在還處於週期的早期階段，但我們看到了良好的勢頭，我認為這對整體毛利率的影響非常好，聽著，我只想說我們不會將 ASA 與其他產品系列進行比較。

I think overall, our view is as we move the mix of our business more and more to flash, that should continue to be a tailwind to gross margins over time.

我認為總體而言，我們的觀點是，隨著我們越來越多地將業務組合轉向閃存，隨著時間的推移，這應該會繼續成為毛利率的推動力。

And so we're executing our strategy.

所以我們正在執行我們的戰略。

We feel good about where we are in terms of the overall portfolio, and we're going to stay federal to the metal.

我們對整體投資組合的現狀感到滿意，並且我們將保持對金屬的聯邦態度。

And David, on the related question on pricing, look, there have been a number of changes in the pricing environment.

大衛，關於定價的相關問題，你看，定價環境發生了一些變化。

So as we look forward, what we tell you is, and we've said this all along, customers budget on dollars.

因此，展望未來，我們告訴您的是，而且我們一直都這麼說，客戶的預算是美元。

We're not assuming any significant change in revenue because of higher prices.

我們假設收入不會因價格上漲而有任何重大變化。

So from that perspective, hey, we'll have to see how it looks going forward.

因此，從這個角度來看，嘿，我們必須看看未來的情況。

We feel good about the prebuys in terms of the rest of our fiscal '25.

就 25 財年剩餘時間而言，我們對預購感到滿意。

A little bit of that will drift into '26, but not really.

其中一點點會飄到26年，但不是真的。

We're looking at it every day.

我們每天都在關注它。

So we'll update you on the revenue view and the margin view as we get closer to '26.

因此，隨著 26 年臨近，我們將向您更新收入視圖和利潤視圖。

Steven Fox, Fox Advisors.

史蒂文‧福克斯，福克斯顧問公司。

Hi, good afternoon.

嗨，下午好。

I only had one question.

我只有一個問題。

George, I was wondering if you can expand a little bit on the comments around the partnership with Google Cloud and how that's driving more highly -- high regulated customer business and public sector business.

喬治，我想知道您是否可以詳細闡述與 Google Cloud 的合作夥伴關係以及這如何推動更高程度的監管——嚴格監管的客戶業務和公共部門業務。

What are the early indicators?

早期指標是什麼？

How quickly do you ramp into that sector more and more over time?

隨著時間的推移，您以多快的速度越來越多地進入該領域？

Thanks.

謝謝。

Our work with Google Cloud started with their public cloud environment.

我們與 Google Cloud 的合作始於他們的公有雲環境。

And then over about 1.5 years, 2 years ago, we started to see clients together with Google that wanted the Google stack, but in their data centers.

然後大約 1.5 年，也就是 2 年前，我們開始看到與 Google 合作的客戶想要 Google 堆疊，但在他們的資料中心。

And so we started to work with them on an architecture called Google distributed cloud.

因此我們開始與他們合作開發一個名為 Google 分散式雲端的架構。

We announced a set of customer wins as well as the broader partnership with Google earlier this year.

今年早些時候，我們宣布贏得了一系列客戶以及與 Google 建立更廣泛的合作夥伴關係。

And we are seeing good momentum.

我們看到了良好的動力。

It's still early.

現在還早。

These are large-scale deployments.

這些都是大規模部署。

It's still early, but we are super pleased that both the capability set that the full technology stack offers.

現在還為時過早，但我們對完整技術堆疊提供的這兩種功能集感到非常高興。

It is entirely wallet expanding for us and the unique value that we bring to clients with Google is a consistent experience between their data centers and public cloud as well as the private cloud or on-premises environments that customers have.

這完全是我們錢包的擴張，我們為Google客戶帶來的獨特價值是他們的資料中心和公有雲以及客戶擁有的私有雲或本地環境之間的一致體驗。

Aaron Rakers, Wells Fargo.

亞倫·雷克斯，富國銀行。

Yeah, thanks.

是的，謝謝。

Thanks for fitting me in.

謝謝你讓我融入。

I guess my question is going back to earlier point, just to make clear and maybe push back a little bit.

我想我的問題又回到了之前的問題，只是為了澄清，也許可以稍微推遲一下。

Is that -- last quarter, I think you talked about your first-party and hyperscale marketplace.

上個季度，我想您談到了您的第一方和超大規模市場。

Storage services, I think, was grew north of 30%.

我認為儲存服務成長了 30% 以上。

I think in that context, you had alluded to that, that contribution was about two-thirds of that public cloud piece of business.

我認為在這種情況下，您已經提到過，該貢獻約為公有雲業務的三分之二。

So now you've got -- I want to make sure I'm understanding today, it sounds like is it -- did I hear it right, it's now about 80% of that public cloud business?

所以現在你——我想確保我今天理解了，聽起來是這樣——我沒聽錯吧，它現在約佔公有雲業務的 80%？

And if so, why would mid-teens growth be right?

如果是這樣，為什麼十幾歲左右的成長是正確的呢？

Why wouldn't it accelerate much higher as we start to see the lack of growth in the declining business really become significantly smaller.

當我們開始看到衰退業務中缺乏成長的情況確實變得明顯較小時，為什麼它不會加速得更高？

I'm just trying to understand if that's maybe conservatism or if there's something else there.

我只是想了解這是否可能是保守主義，或者是否有其他原因。

Yeah.

是的。

Eric, it's Mike.

埃里克，這是麥克。

So sorry, if I confused it.

很抱歉，如果我混淆了。

So Out of the total cloud revenue number, first party and marketplace was a little less than half when we did the Analyst Day in June.

因此，當我們在 6 月舉辦分析師日活動時，在雲端總收入中，第一方和市場的收入略低於一半。

That percentage increases more and more every day the 80% number I referred to was consumption revenue, which includes more than just first-party marketplace.

這個比例每天都在增加，我提到的 80% 的數字是消費收入，其中不僅包括第一方市場。

There's other products in there as well.

裡面還有其他產品。

To your point, that's why we feel really good about the growth going forward is that, that piece of the business gets bigger every day. the part that's not growing, gets smaller every day.

就你的觀點而言，這就是為什麼我們對未來的成長感到非常滿意的原因是，這部分業務每天都在變得更大。不增長的部分每天都在變小。

So we do feel good about the growth going forward.

因此，我們確實對未來的成長感到滿意。

We'll see how the rest of the year unfolds.

我們將看看今年剩餘時間的情況如何。

Louis Miscioscia, Daiwa.

路易斯·米西奧斯夏，大和。

Well, let me just blend, I guess, two questions into one.

好吧，我想，讓我把兩個問題合而為一。

It looks like, obviously, the Americas was a little bit stronger from Europe.

顯然，美洲比歐洲強一些。

So can you comment on just European demand?

那麼您能僅評論一下歐洲的需求嗎？

It seems the economies are maybe a little bit slower there.

那裡的經濟似乎可能有點慢。

And then could the difference be that the US is actually doing better, trying to deploy AI applications in comparison to Europe?

那麼，與歐洲相比，美國在部署人工智慧應用方面實際上做得更好嗎？

Thanks.

謝謝。

Thank you.

謝謝。

Listen, I think our team in Europe has outperformed.

聽著，我認為我們歐洲的團隊表現出色。

We have -- yes, you're correct about the macro in Europe.

我們——是的，你對歐洲宏觀經濟的看法是正確的。

It is still choppy in some parts of the European economy.

歐洲經濟的某些領域仍然不穩定。

But our team has outperformed.

但我們的團隊表現出色。

With regard to the Americas business, listen, the new leadership team has done a really good job, and I'm super excited at our ability to outperform and really in the largest market in the world.

關於美洲業務，聽著，新的領導團隊做得非常好，我對我們在世界上最大的市場上表現出色的能力感到非常興奮。

I think that our book of business, I don't think there was anything fundamental.

我認為我們的業務手冊沒有任何基本內容。

Yes, there were more wins in North America for AI, but I don't think it was fundamentally different I think our business overall in North America performed exceptionally well across all segments, and it was just execution across a broad range of customer demand.

是的，北美在人工智慧方面取得了更多的勝利，但我認為這並沒有本質上的不同，我認為我們在北美的整體業務在所有領域都表現得非常好，而這只是針對廣泛的客戶需求的執行。

Ananda Baruah, Loop Capital.

阿南達·巴魯阿（Ananda Baruah），Loop Capital。

Hey, thanks guys, appreciate it.

嘿，謝謝大家，感激不盡。

I guess, George, a question maybe in a little clarification.

我想，喬治，這個問題可能需要稍微澄清一下。

So the new high end -- here's kind of the question, the new high-end ASA product.

那麼新的高端——這是一個問題，新的高端 ASA 產品。

How important is that to ASA product line, is it as important as the mid-range product that you introduced a little while ago, those have made a really big impact.

對ASA產品線來說有多重要，是不是跟你剛才推出的中階產品一樣重要，影響非常大。

And then sort of in the prepared remarks, the comments about new customer acquisition, which you referenced a few times on the call.

然後是在準備好的評論中，關於新客戶獲取的評論，您在電話中多次提到。

Is that directly related to the new high-end products?

這與新的高端產品有直接關係嗎？

Or I guess, to what degree has the new high-end products actually led to the new customer acquisition?

或者我猜，新的高端產品實際上在多大程度上帶動了新客戶的獲取？

And that's it for me.

對我來說就是這樣。

Thanks.

謝謝。

I think our flash portfolio has -- we refreshed the unified AFF products, and then we refresh the ASA products.

我認為我們的快閃記憶體產品組合——我們更新了統一的 AFF 產品，然後我們更新了 ASA 產品。

These have seen strong reception.

這些都受到了強烈的歡迎。

I think with regard to new customers, over time, you will see the mid-range bring new customers because the majority of net new logos to NetApp come from smaller the commercial market but the high-end products are enabling us to win wallet share within existing customers.

我認為，就新客戶而言，隨著時間的推移，您將看到中端產品帶來新客戶，因為NetApp 的大多數淨新徽標都來自較小的商業市場，但高端產品使我們能夠在以下領域贏得錢包份額：現有客戶。

Block wallet share is entirely new to NetApp.

塊錢包共享對於 NetApp 來說是全新的。

We've never sold a block optimized product before.

我們以前從未銷售過塊優化產品。

So it's all net new wallet for us.

所以這對我們來說都是全新的錢包。

And so we're excited at the reception to those products.

因此，我們對這些產品的受歡迎程度感到興奮。

The unified product has continued to strengthen our positions and customers who want to consolidate data center infrastructure more of the plastic sales motion of NetApp.

統一的產品繼續鞏固了我們的地位，並為那些希望鞏固資料中心基礎設施的客戶提供了更多 NetApp 的塑膠銷售動議。

And so I think across the board, our flash, I mean, 19% year-on-year is a super strong number.

所以我認為，從整體來看，我們的快閃記憶體年增 19% 是一個非常強勁的數字。

It's the fourth consecutive quarter in that kind of attitude -- and all of our products have done really, really well.

這是連續第四個季度保持這種態度——我們所有的產品都表現得非常非常好。

So I'm really excited about the year ahead.

所以我對未來的一年感到非常興奮。

Chris Thar, TD Cowen.

克里斯·塔爾，TD·考恩。

Hey guys.

嘿夥計們。

This is Eddie for Chris.

這是克里斯的艾迪。

Just a clarification regarding the first party hyperscale service question.

只是關於第一方超大規模服務問題的澄清。

You talked about like 43% growth rate.

你談到了 43% 的成長率。

Just want to make sure like -- is the conversion that's taking place from subscription to hyperscale services contributing in any material way to that 43% number?

只是想確定一下——從訂閱到超大規模服務的轉換是否對 43% 的數字有任何實質貢獻？

There's some modest conversion.

有一些適度的轉換。

It's not a significant percentage.

這並不是一個重要的百分比。

There's a large number of net new to NetApp customers as well as significant expansion of existing customers and all of the hyperscaler services did extremely well.

NetApp 擁有大量新客戶以及現有客戶的顯著擴張，所有超大規模服務都表現出色。

So yes, there were a few, but it was not material to the number.

所以，是的，有一些，但這對數字來說並不重要。

Got it.

知道了。

That's super helpful, George.

這非常有幫助，喬治。

And maybe just a follow-up on the Gen-AI topic.

也許只是 Gen-AI 主題的後續。

And using the AI deals you talked about today as an example, what pushed these customers to buy more storage?

以您今天談到的人工智慧交易為例，是什麼促使這些客戶購買更多儲存空間？

Was it just them setting up new GPU clusters and they need new storage equipment?

難道只是他們建立了新的GPU叢集並且需要新的儲存設備？

Or is it more like an upgrade to existing infrastructure so that they can see their data lakes from it?

或者它更像是對現有基礎設施的升級，以便他們可以從中看到他們的資料湖？

Thank you.

謝謝。

It's a combination.

這是一個組合。

There were a good number of them that were building GPU clusters.

其中有很多人正在建立 GPU 叢集。

Both super pads and kind of base pods that we saw where they were essentially running the GPUs against high-performance file systems from NetApp and some that were building data lakes because their data was so scattered that they wanted to bring it together, and they chose our infrastructure to power the data lay.

我們看到的超級墊和基本 Pod 本質上都是針對 NetApp 的高效能檔案系統運行 GPU，還有一些正在建立資料湖，因為他們的資料非常分散，所以他們希望將其整合在一起，他們選擇了我們為數據提供動力的基礎設施。

So a mix of them.

所以他們的混合。

Interesting early in the cycle.

在周期的早期很有趣。

We just brought to general availability, our full stack with Lenovo, for example, with ODX, and we're doing creative work with NVIDIA around some of their software that Jensen referred to on their call yesterday.

我們剛剛與 Lenovo 合作推出了完整的堆疊，例如 ODX，我們正在與 NVIDIA 圍繞 Jensen 在昨天的電話會議中提到的一些軟體進行創意工作。

Nihal Chasi, Northland Capital Markets.

Nihal Chasi，北國資本市場。

Yeah, thank you.

是的，謝謝。

Congrats on a strong result.

祝賀取得了強勁的成績。

At insight, you guys introduced your AI vision, which is quite expensive, and I believe that has some forward-looking product developments.

在insight上，你們介紹了你們的AI願景，這是相當昂貴的，我相信有一些前瞻性的產品開發。

One of those product development, I believe, is correct me if I'm wrong, it's the decoupling the scaling of data management compute and data storage.

我相信，如果我錯了，其中一個產品開發是正確的，那就是資料管理計算和資料儲存的擴展的解耦。

Is that correct?

這是正確的嗎？

I'm sorry, could you repeat the question?

抱歉，您能重複這個問題嗎？

Yeah.

是的。

One of the elements of the forward-looking AI vision as far as how NetApp's portfolio may evolve is the decoupling of the scaling of the data management compute and the data management storage components.

就 NetApp 產品組合如何發展而言，前瞻性 AI 願景的要素之一是資料管理運算和資料管理儲存元件擴充的解耦。

Is that correct?

這是正確的嗎？

That's right.

這是正確的。

That is one of the elements.

這是要素之一。

Yeah.

是的。

And how long do you expect to before you can really introduce that?

您預計需要多長時間才能真正介紹這一點？

And how have you lifted this?

你是如何解除這個的？

Is this more like the lift it took to go to clustered ONTAP.

這更像是前往叢集模式 ONTAP 所需的提升嗎？

Or is it more like the lift it took to optimize for flash?

或者它更像是優化快閃記憶體所需的提升？

We have been working on scaling out our architecture over many, many years, right?

我們多年來一直致力於擴展我們的架構，對嗎？

And so this is not anywhere near the lift of clustered ONTAP.

因此，這與群集模式 ONTAP 的提升程度相差甚遠。

As we said, we expect to have these solutions deployed in customers by the end of next calendar year.

正如我們所說，我們預計將在明年年底之前為客戶部署這些解決方案。

So we're excited.

所以我們很興奮。

We are making really good progress on it.

我們正在這方面取得非常好的進展。

Stay tuned.

敬請關注。

We'll tell you when we make those solutions are generally available.

當這些解決方案普遍可用時，我們會通知您。

Ari Terjanian, Cleveland Research Company.

Ari Terjanian，克利夫蘭研究公司。

Hi, thanks for taking the question.

您好，感謝您提出問題。

Nice to meet you and congrats on the good results.

很高興認識你並祝賀取得的好成績。

First, just a clarification on the AI deals.

首先，對人工智慧交易進行澄清。

That 100, is that deals in the quarter?

那 100 筆是本季的交易嗎？

And if so, that -- like what drove the doubling from 50 last quarter, it's pretty strong results.

如果是這樣的話，就像上個季度推動 50 倍翻倍的原因一樣，這是相當強勁的結果。

And then just as it pertains to the SSD pricing and whatnot, to the extent that there are any pricing actions to your product, do you think there is potentially any pull forward of demand?

然後，正如它涉及 SSD 定價等問題一樣，如果您的產品有任何定價行動，您認為是否有可能拉動需求？

Or do you anticipate any impact from any pricing changes?

或者您預計任何價格變化都會產生影響嗎？

Thank you.

謝謝。

With regard to the AI deals, Listen, it's just broader engagement with customers.

關於人工智慧交易，聽著，這只是與客戶更廣泛的接觸。

These deals are large deals are -- take a long sales cycle, right?

這些交易都是大交易——需要很長的銷售週期，對嗎？

So our teams have been working on these for a while.

所以我們的團隊已經在這些方面努力了一段時間。

And so we just saw broader engagement across our field teams and our partner base to accelerate the pipeline.

因此，我們看到我們的現場團隊和合作夥伴群體更廣泛地參與，以加速管道的建造。

We have a good outlook for that business, and I'm excited about the prospects of it.

我們對該業務前景看好，我對此感到興奮。

I'll hand it to Mike for the second question.

我將把第二個問題交給麥克。

Hey, Ari.

嘿，阿里。

Nice to meet you as well.

我也很高興認識你。

So there have been some pricing changes on some of our products.

因此，我們的一些產品的價格發生了一些變化。

What I would say is, say, every quarter, there's always pull forward and push us from a revenue perspective, nothing material, though.

我想說的是，比如說，每個季度，從收入的角度來看，總是有推動和推動我們，但沒有什麼實質內容。

And keep in mind that those tend to take a while to work through the pipeline as well.

請記住，這些往往也需要一段時間才能完成。

So we do expect to have some impact going forward, but we'll have to see how the rest of '25 goes.

因此，我們確實預計會產生一些影響，但我們必須看看 25 年剩餘時間的進展如何。

All right.

好的。

Well, thanks, Ari.

嗯，謝謝，阿里。

I appreciate your question, and I'm going to turn it over to George for some final comments.

我很欣賞你的問題，我將把它轉交給喬治，以獲得一些最後的評論。

Thanks, Kris.

謝謝，克里斯。

We are focused on enabling customers to build intelligent data infrastructures with our uniquely differentiated solutions for flash, block, cloud storage and AI.

我們致力於透過我們針對快閃記憶體、區塊、雲端儲存和人工智慧的獨特差異化解決方案，幫助客戶建構智慧資料基礎架構。

These solutions address markets which are bolstered by both secular and company-specific tailwinds and represent our biggest opportunities to fuel revenue growth and increase market share.

這些解決方案針對的是長期和公司特定因素推動的市場，是我們推動收入成長和增加市場份額的最大機會。

Our pace of innovation has never been stronger.

我們的創新步伐從未如此強勁。

We are executing well, clearly outgrowing the market and all of our competition in each of our key growth markets.

我們執行得很好，明顯超越了市場以及我們在每個主要成長市場的所有競爭對手。

Our focused and disciplined operational management positions us well for continued customer and shareholder success.

我們專注且嚴格的營運管理使我們能夠為客戶和股東持續取得成功。

The conference is now concluded.

會議現已結束。

Thank you for attending today's presentation.

感謝您參加今天的演講。

You may now disconnect.

您現在可以斷開連線。